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August 7, 2024Grayscale Expands Crypto Investment Suite with New Trusts for Bittensor and Sui
On August 7, Grayscale Investments, a prominent player in the crypto asset management space, unveiled two new investment trusts: the Grayscale Bittensor Trust and the Grayscale Sui Trust. These new products mark a significant expansion in Grayscale’s offerings, targeting emerging tokens within the crypto ecosystem.
The Grayscale Bittensor Trust will invest in TAO, the native token of the Bittensor Protocol. Bittensor is an innovative project that leverages tokens to incentivize the development of open-source artificial intelligence. This trust aims to provide investors with exposure to the growing field of AI-driven blockchain technology.
In contrast, the Grayscale Sui Trust will focus on Sui (SUI), the token of the Sui protocol, a layer-1 blockchain designed to support decentralized applications (DApps). This trust seeks to offer investment opportunities in the infrastructure supporting the next generation of decentralized applications.
Exclusive Access for Eligible Investors
While these new trusts are available for subscription, they are not open to retail traders. According to Grayscale’s press release, access is restricted to eligible individuals and institutional accredited investors. This move reflects Grayscale’s continued focus on providing tailored investment solutions for sophisticated investors.
Rayhaneh Sharif-Askary, Grayscale’s head of product and research, expressed enthusiasm about the new launches:
“With the launch of Grayscale Bittensor Trust and Grayscale Sui Trust, we continue to provide investors with familiar products that enable access to tokens at the cutting edge of the crypto ecosystem’s continued evolution.”
The new Grayscale trusts function similarly to the company’s established single-asset investment trusts, such as the Grayscale Bitcoin Trust (GBTC). Like GBTC, the Bittensor and Sui trusts are designed to offer exposure to their respective crypto assets without requiring investors to directly acquire the tokens.
Grayscale is well-known for its crypto investment vehicles and its role in pioneering institutional exposure to cryptocurrencies. The addition of these new trusts reflects the company’s ongoing commitment to innovation in the crypto investment space.
Ethereum Trust Sees Significant Outflows
In related news, Grayscale’s Ethereum Trust, which has recently transitioned to an exchange-traded fund (ETF), has experienced notable outflows. On August 1, the fund saw outflows of approximately $78 million, pushing its total outflows to over $2 billion. This development has prompted analysts to speculate that the outflows may eventually subside, potentially serving as a bullish indicator for Ether (ETH).
As Grayscale continues to expand its product suite and navigate market fluctuations, the performance of its new trusts and existing products will be closely watched by investors and analysts alike.
